Owning a home isn’t just an emotional experience. It’s a financial investment that can pay off as you accumulate equity in your home and as your property’s value increases. The rate at which your property’s value increases depends on several factors. These include the neighborhood in which your home is located, housing demand in the area, and the general state of the economy.
However, homeowners can also have an ongoing impact on their home’s value by making improvements and alterations that boost its appeal and justify a higher asking price. Whether you want to sell your home soon or just want to keep your investment’s value growing, there are certain steps you can take to raise its value. Here are nine tried-and-true strategies that will pay dividends when it’s time to sell.
1. Start Outside
First impressions matter a lot. Whether it be in dating, professional networking, or other situations, the initial few seconds of an encounter set the tone for the rest of the engagement. Your home is not any different in this regard, so make an effort to make it as nice as you can. Taking care of the exterior features of your home is a surefire way of adding value to the home before selling.
For example, a lush, healthy lawn not only boosts the visual appeal of your home but also increases its value. Like fresh paint or modernized fixtures, a well-kept lawn increases curb appeal, making potential buyers more likely to fall in love with your home right away. Taking care of your lawn with appropriate fertilizer and adequate maintenance is a cost-effective way of increasing your home’s value.
Simple lawn upkeep often yields a 100% to 200% return on investment, thanks to the low costs and high value of lawn care from professional lawn services. Turf grass alone may boost a home’s value by up to 15%, according to data from the Lawn Care Institute. First impressions are important, and a well-maintained facade conveys to potential buyers that the interior is also well-maintained.
2. Fortify Your Home from Pests
Most homeowners are led to believe that home improvement is the only way to drive up the value of their homes. Regular pest control efforts can also raise the value of your home when it comes time to sell. Not only does it improve your quality of life while you live there, but it also makes the house safer for future tenants. Everybody wins.
Note that pest control isn’t a one-off undertaking. Pests will always try to make their way into your home when an opportunity presents itself. With routine inspections of both interior and outdoor spaces, you have a better chance of developing long-term solutions and increasing your property’s value.
During inspections, look for potential entry points. Don’t forget to inspect your roof. Some of the most common entry points used by rodents are the chimney and roof. Regularly inspect your roof for potential damage to ensure it’s in good condition. Another simple but effective way of keeping your property free of most pests is to always keep the inside and exterior of your home clean. Pests of all types are attracted to homes with clutter. Keeping your home clean and clutter-free is a low-cost investment that will increase its value.
Mosquitoes can also be a nuisance. Using insecticides may not be enough to get rid of them. For the best mosquito control, hire a professional pest control service.
3. Temperature Control
Energy costs are at an all-time high. Most prospective home buyers know that up to half of a home’s energy costs can be attributed to heating and cooling. More purchasers are becoming aware of the fact that investing in energy-efficient plumbing, heating, cooling, and water systems will pay for itself throughout the unit’s life through lower utility costs and tax incentive programs.
Homes with outdated furnaces and air conditioners are more likely to attract purchasers who want a price reduction or be overlooked in favor of a home with more modern heating and cooling equipment. A property with a high-efficiency system, however, attracts several potential buyers, which often results in a speedier sale. Get the heating repair done as soon as possible if your system is having problems.
Today’s homeowners are gravitating towards eco-friendly homes. Eco-aware purchasers are also ready to part with more cash for a home that has been updated for energy efficiency. Remember there are government programs that offer tax breaks and mortgage incentives to homeowners who purchase energy-efficient homes or want to install high-efficiency systems.
4. Update Your Wiring
Updating your electrical systems will leave a lasting impression on potential buyers. Simple improvements like adding appropriate lighting to highlight certain areas of your home or installing outlets in the right spots for added functionality can have a big impact. However, problems like poor wiring and an outdated breaker panel that can’t support modern electrical appliances can be a major turnoff for potential buyers.
Updating your wiring through professional electrical companies increases your chances of closing the deal at the price you want. In addition to being more effective than the circuits they would replace, new dedicated circuits can power heavy-duty appliances. Every electrical improvement you undertake makes moving in easier for new residents, increasing the appeal and value of your home.
You should also consider adding GFCI breakers. Installing GFCI breakers makes your electrical system much safer, which increases the value of your home. They protect your investment against electrical fires. This benefits not only your home but the entire community. When your home is protected from electrical fires, the entire neighborhood is also protected. Everyone wins.
5. Fix Up the Pipes
Fixing your pipes is also an effective way of increasing your home’s value. Insulating your pipes with the help of reputable local plumbers is a great place to start. When purchasing or constructing a home, pipe insulation is often disregarded. Because most pipes and heaters are typically located in the basement, which is usually cooler compared to the rest of the home, insulation will go a long way in keeping your pipes in good condition. If your basement is unfinished and doesn’t have an actual ceiling, this is especially crucial.
You should also consider drain maintenance. Potential home buyers may be put off by slow drains as they can’t tell if the problem is just a buildup of residue or a sign of something more serious. Hire a professional to perform an inspection rather than dumping drain cleaner down your drain every time it becomes clogged.
Getting your drains snaked or perhaps replacing them increases your home’s value as it makes your plumbing system function optimally for longer. All types of plumbing maintenance and improvements reduce the need for future expensive repairs and raise your home’s market value.
You should also consider having your septic tanks cleaned using professional septic cleaning services. In addition to removing the sewage waste from your home, pumping your septic tank makes sure you won’t experience septic issues. Give your septic system a periodic checkup and pump out as necessary to keep things operating smoothly and prevent expensive repairs down the road.
6. Add Additional Living Spaces
Adding outdoor living spaces can significantly increase your home’s value. Having a deck installed by professional deck contractors is a great place to start. There are certain advantages to installing a deck on your property that will boost its appeal to potential buyers, apart from improving the look. By adding a deck, your interior and outdoor living spaces will flow into one another seamlessly. This increases the perception of usable space for entertaining, lounging, and dining and helps purchasers view the outdoor space as part of the home.
Even better, unlike unlandscaped lawns that demand regular mowing, decks require minimal care. All a timber deck needs is a weatherproofing stain and a cleaning once every 12 months to keep it looking great for years to come. If you’re building a deck to raise the value of your house, you need to present it to potential buyers as a cozy, livable space.
With the addition of outdoor furniture, lights, and accessories, your deck will be transformed into a comfortable and inviting ‘outdoor room’ that purchasers can see themselves using. Spending time outside with family and friends is a common pastime, and people are more likely to pay more for it.
7. Strive for Hygiene
Increasing your property’s value calls for deliberate effort. It is easier to think of expensive repairs, renovations, and paint jobs when thinking about how to raise your home’s worth. While these efforts have a significant impact on your home’s value, don’t overlook simpler tasks such as cleaning up. While most people consider keeping their homes clean to be second nature, doing so can boost its value and increase its appeal to potential purchasers.
Before you have the appraiser visit your home, clean your floors and take your carpet to a carpet cleaner, but some cleaning practices can be helpful with the overall maintenance of the home. Duct cleaning, for instance, improves indoor air quality and helps your HVAC system operate more efficiently, both of which can increase the value of your property. You should also try to keep your bathrooms clean. Clean bathrooms reassure potential buyers that there is no mold or mildew present.
8. Keep Out the Elements
Practicing proper roof maintenance with the help of a professional local roofer will increase your home’s value. Homebuyers with experience know that the roof is one expensive component of a property they should avoid having to replace. Roofs can easily spark a heated home-buying negotiation as they are quite pricey. Replacing or repairing your roof before you sell will take it off the negotiation table, attracting even more enthusiastic potential buyers. To successfully resell a property, offer a desirable home with a fair asking price. The more interested parties you attract, the more competitive the bids will be, which is precisely what you want as a seller.
A home sale can easily fall through due to inspections. Potential buyers have the option to cancel if something comes up. One of the main contentious issues when purchasing a property is the roof. Old roofs make buyers shudder, and they won’t even consider taking a look inside. When roof problems are highlighted during inspections, potential buyers will withdraw their bids. If your roof has serious problems, consider replacing it. Despite being an expensive purchase, a new roof is a wise investment. It can result in an ROI of up to 68% upon resale. Due to several variables, including geography, the local real estate market, and current market trends, ROI can be challenging to quantify accurately. However, you can expect to see an ROI of about 70%.
9. Prevent Any Health Hazards
Addressing potential health hazards can increase your home’s value. A chimney sweep is a great place to start. If a potential buyer notices that your chimney is dirty, they may be turned off because not only does it pose a health hazard, but it also makes them more likely to assume the rest of the house was neglected and under-maintained. This gives the impression that you didn’t care about the condition of the house and just threw some last-minute fixes together for the sale.
The National Association of Realtors estimates that having a fireplace raises the value of your property by 12%. However, this number can go down if the chimney hasn’t received adequate maintenance. 12% might not seem like much, but to put it in perspective, if you have a $200,000 property, having a clean, functional chimney boosts the value of your home by $24,000. A chimney sweep by professional chimney cleaners is a low-cost maintenance task that will give you an advantage over your competition.
10. Pull It All Together
Your home is probably the most significant investment you’ll ever make. If you’re planning to sell it at some point, you need to do everything you can to preserve and increase its value. With these tips, you can increase your chances of selling it for the asking price you have in mind.